German Parliament Votes In Favor Of Greece Bailout Package

2/27/2012 12:26 PM ET

German parliament on Monday gave overwhelming support to Greece's second bailout package.

496 MPs of the lower of house of the German parliament, the Bundestag, voted in favor of a EUR130 billion rescue package approved by its international creditors, while 90 lawmakers voted against the second EU/IMF bailout for Greece.

With several MPs in her party opposed to the deal, Chancellor Angela Merkel urged them to back it, while conceding there was "no 100% guarantee" it would work.

Addressing the parliament, Merkel warned of the risks of throwing Athens another financial lifeline.

Eurogroup President Jean-Claude Juncker has convened a meeting of the Eurozone finance ministers on Thursday to discuss progress with Greece's second bailout package.